Introduction
Gold’s long-term trend is best understood through market structure, not short-term reactions.
This weekly Elliott Wave analysis focuses on the bigger picture, highlighting where Gold stands within its long-term cycle and defining key structural levels — without encouraging impulsive decisions.
This study is based purely on price structure, Fibonacci relationships, and momentum, not news or fundamentals.
Bigger Picture Structure (Weekly)
Gold is progressing through Wave III of a higher degree, with internal Wave (3) currently developing.
This phase is typically:
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Persistent
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Underestimated early
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Accompanied by periodic corrections that do not end the trend
The overall structure remains constructive and intact.
Key Structural Levels (Important Section)
These levels are contextual reference points, not buy/sell signals.
🔹 Primary Structural Support
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~2070 region
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Former breakout zone
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Long-term structural pivot
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Holds trend integrity on a weekly basis
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As long as price holds above this zone, the higher-degree bullish structure remains valid.
🔹 Secondary Support (Trend Health)
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Lower boundary of the rising weekly channel
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Expected to be tested during corrections
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Normal behaviour within Wave III
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Pullbacks into this zone are structural pauses, not trend failure.
🔹 Invalidation Level (Very Important)
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Sustained weekly break below the rising channel
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Would force a reassessment of the Wave III count
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Suggests a larger corrective phase instead of continuation
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Until this occurs, the primary bullish structure remains intact.
Resistance: How to Think About It (Without Confusion)
In a higher-degree Wave III, traditional resistance levels are often temporary pauses, not ceilings.
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Fibonacci extensions above current price represent long-term structural zones
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They are not near-term targets
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Price may consolidate or correct before progressing further
The focus should remain on structure and momentum, not exact upside levels.
What This Analysis Is — and Is Not
This analysis IS:
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A long-term structural study
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Designed to improve perspective
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Focused on risk awareness, not prediction
This analysis IS NOT:
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A trading signal
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A timing forecast
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A guarantee of continuation
Summary (Key Takeaways)
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Gold is in Wave III (higher degree)
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Internal Wave (3) is developing
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~2070 is a key long-term support zone
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Trend remains valid while price holds above the weekly channel
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Corrections are normal and expected within this phase
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